When these engines fail, the high cost is mostly attributed to the head. Used heads on eBay are 3-5k, but nothing says they are actually good heads. A good used head is hard to find and also expensive. Best to not have the engine destroy the head and just have the head rebuilt ahead of time.

Thanks for all the input. I have decided not to buy the car because of the uncertainty with the documentation. In the future though, if anyone comes across this car, it did appear to me to be a very fine machine minus the lack of records... It ran like a top and handled like it was on rails. It was my first M5 driving experience. I was totally hooked.
I've drived some sweet sedans with more power like the CTS-V, but none had this amazing mix of refinement with unrefined race engine feel... It sends chills up my spine remembering the experience...

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